The price of gold has fallen amid a sharp strengthening of the dollar which was caused by the positive statistics on the US labor market, which strengthened confidence in the earlier increase in interest rates by the Fed. Thus, the unemployment rate fell by 0.2% to 5.5% in February. The number of jobs outside the agricultural sector grew by 295 thousand, which is 55 thousand more than analysts' forecasts. Today, the course of trading will be affected by the news from the meeting of Eurozone finance ministers which will discuss the launch of quantitative easing in the euro area, which starts today and the Greek crisis. We maintain our positive outlook for the medium-term and recommend to open long positions with the first target at $ 1,200 per troy ounce.
The price of Light Sweet crude oil showed a negative trend against the strengthening of the US dollar after the publication of a positive report on the US labor market. It should be noted that the improvement in the labor market generally has a positive effect on the price of oil due to the expectation of growth in demand for petroleum products, but this time, the strengthening of the dollar has offset this effect. Drop in the number of drilling rigs in the US was 39% compared with a peak in October. At the moment, their number is 1348. Quotes of oil is also supported by the tense situation in Libya. We maintain our medium-term negative outlook on oil due to increased reserves and production in the world.